Global Tire Market Buoyed by the Expanding Automobile Industry

September 1318:122017

Global Tire Market Buoyed by the Expanding Automobile Industry

The global tire market has witnessed a moderate growth over the past few years. Some of the major driving factors include technological advancements, rapid urbanization, improving standard of living and inflating incomes of the consumers.

IMARC Group’s latest report, titled “Tire Market – Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global tire market reached a volume of nearly 3 Billion Units in 2016, growing at a CAGR of around 4.5% during 2009-2016. An increase in the demand for tires is closely associated with an increase in the demand for vehicles. Old vehicles also require replacement of worn-out tires, leading to a steady global demand for tires in the market. Moreover, the rising use of vehicles for agricultural purposes and heavy industrial transportation is adding to the market growth. Apart from this, the trend of customization of vehicles by the affluent consumers has also resulted in an increased demand for tires globally.

A surge in the demand for passenger vehicles and tractors/trailers worldwide has resulted in the growth of the global automobile sector. Rising focus on the manufacturing of high-quality tires has led to technological advancements and increasing radialization of tires, offering several benefits such as longer life, lower fuel consumption and CO2 emissions, and improved safety and ride quality. This factor has been highly proactive in contributing to the market growth. Further, the introduction of tubeless tires has also positively influenced the market owing to their use in the assembling of new vehicles. Some of the other factors stimulating the growth of the global tire market include increasing population, inflating incomes, rapid urbanization, improving standard of living and increased construction activities. According to the report, the market is further expected to reach a volume of more than 3.5 Billion Units by 2022.

Based on application, passenger car/light truck tire accounts for the majority of the global market share. The market has also been analysed on the basis of segments covering replacements and OEM, where replacements dominate the market. Geography-wise, China represents the biggest market for tires, accounting for the majority of the total global share. The other major markets include Europe, the United States, Japan, India and Brazil. Some of the key players operating in the market are Bridgestone Corporation, Groupe Michelin France, Goodyear Tire & Rubber Co., Continental AG Germany, Pirelli & C SpA, Sumitomo Rubber Industries Ltd., Hankook Tire Co., Yokohama Rubber Corp., Cheng Shin Rubber, Zhongce Rubber Group Co.

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